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    Williams Companies Inc (WMB)

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    The Williams Companies, Inc. (WMB) is an energy company dedicated to providing infrastructure for the safe delivery of natural gas products, playing a crucial role in supporting the clean energy economy. The company is organized into four main segments, each contributing to its operations and revenue. Williams Companies focuses on the transportation, storage, and marketing of natural gas and natural gas liquids, ensuring efficient and reliable energy delivery .

    1. Gas & NGL Marketing Services - Engages in marketing and trading operations for natural gas liquids and natural gas, including risk management and transactions related to storage and transportation.
    2. Transmission & Gulf of Mexico - Operates interstate natural gas pipelines and related storage facilities, and manages natural gas gathering, processing, and crude oil production handling in the Gulf Coast region.
    3. Northeast G&P - Focuses on midstream gathering, processing, and fractionation in the Marcellus and Utica Shale regions, including interests in joint ventures and investments in gas gathering systems.
    4. West - Covers gas gathering, processing, and treating operations in regions such as the Rocky Mountains, Barnett Shale, and Eagle Ford Shale, along with NGL storage facilities and investments in pipelines and fractionators.
    NamePositionExternal RolesShort Bio

    Alan S. Armstrong

    ExecutiveBoard

    President and Chief Executive Officer

    Chair of National Petroleum Council; Member of President’s National Infrastructure Advisory Council; Board Member of BOK Financial Corporation, American Petroleum Institute, and Junior Achievement National Board.

    Joined WMB in 1986; CEO since 2011; expanded WMB's reach to handle one-third of U.S. natural gas volumes.

    View Report →

    Chad A. Teply

    Executive

    Senior Vice President – Transmission & Gulf of Mexico

    None.

    Joined WMB in 2020; previously Senior VP – Project Execution; extensive experience in energy project management.

    Chad J. Zamarin

    Executive

    Executive Vice President of Corporate Strategic Development

    None.

    Joined WMB in 2017; promoted to EVP in 2023; key role in acquisitions like NorTex, Trace Midstream, and MountainWest Pipeline.

    Debbie (Cowan) Pickle

    Executive

    Senior Vice President and Chief Human Resources Officer

    None.

    Joined WMB in 2018; leads talent acquisition and retention strategies; implemented programs like Intern Institute and campus recruiting.

    Eric J. Ormond

    Executive

    Senior Vice President of Project Execution

    None.

    Joined WMB in 2023; previously held senior roles at Crestwood Midstream Partners LP.

    John D. Porter

    Executive

    Senior Vice President and Chief Financial Officer

    None.

    Joined WMB in 2013; CFO since 2022; previously VP of Financial Planning & Analysis and Investor Relations.

    Larry C. Larsen

    Executive

    Senior Vice President Gathering & Processing

    None.

    Joined WMB in 2017; Senior VP since 2022; previously VP of Strategic Development and Rocky Mountain Midstream.

    Mary A. Hausman

    Executive

    Vice President, Chief Accounting Officer, and Controller

    None.

    Joined WMB in 2019; previously Staff Vice President of Internal Audit and Director of Special Projects.

    Micheal G. Dunn

    Executive

    Executive Vice President and Chief Operating Officer

    None.

    Joined WMB in 2017; COO since 2017; previously Director of the general partner at Williams Partners L.P..

    T. Lane Wilson

    Executive

    Senior Vice President and General Counsel

    None.

    Joined WMB in 2017; oversees legal and regulatory matters for the company.

    Carri A. Lockhart

    Board

    Independent Director

    Board Member at Dril-Quip, Inc. and Ascent Resources.

    Director since 2023; nearly 30 years of experience in oil and gas; previously CTO and EVP at Equinor.

    Jesse J. Tyson

    Board

    Independent Director

    Owner of T&S Food Services, II, LLC.

    Director since 2022; 36 years of experience at ExxonMobil; former CEO of National Black MBA Association.

    Murray D. Smith

    Board

    Independent Director

    President of Murray D. Smith and Associates; Board Member at Surge Energy Inc. and Cold Bore Technology, Inc..

    Director since 2012; extensive experience in energy governance and public policy; former Alberta Minister of Energy.

    Peter A. Ragauss

    Board

    Independent Director

    Director at APA Corporation and Skulte LNG.

    Director since 2016; retired CFO of Baker Hughes; extensive finance expertise in the energy industry.

    Richard E. Muncrief

    Board

    Independent Director

    President and CEO of Devon Energy Corporation.

    Director since 2022; extensive leadership experience in the energy sector; CEO of Devon Energy since 2021.

    Rose M. Robeson

    Board

    Independent Director

    Board Chair at Newpark Resources, Inc.; Board Member at SM Energy Company.

    Director since 2020; over 40 years of experience in accounting and finance; previously CFO of DCP Midstream.

    Scott D. Sheffield

    Board

    Independent Director

    Director at Pioneer Natural Resources Company.

    Director since 2016; retired CEO of Pioneer Natural Resources; extensive experience in energy transition and corporate governance.

    Stacey H. Doré

    Board

    Independent Director

    EVP of Public Affairs and Chief Strategy and Sustainability Officer at Vistra Corp..

    Director since 2021; extensive experience in energy transition and sustainability; previously CEO of Sharyland Utilities.

    Stephen W. Bergstrom

    Board

    Non-Executive Board Chair

    None.

    Director since 2016; retired CEO of American Midstream Partners; extensive experience in natural gas midstream operations.

    William H. Spence

    Board

    Independent Director

    Board Member at Pinnacle West Capital Corporation.

    Director since 2016; retired Chair, President, and CEO of PPL Corporation; extensive expertise in energy transition and strategy development.

    1. With multiple large greenfield pipelines being built simultaneously in the Haynesville, how do you assess the risk of overcapacity impacting returns on your Louisiana Energy Gateway project, especially given the competition for LNG feedgas supply?
    2. Regarding the Regional Energy Access project, could you elaborate on the potential financial and operational impacts if the FERC's temporary certificate is delayed further or if the DC Circuit's legal proceedings don't resolve in your favor?
    3. Considering the significant production curtailments you're experiencing, with about 4 Bcf/d shut-ins across the Marcellus and Haynesville, how confident are you in the timing of demand recovery to fully utilize your gathering systems without requiring additional capital investment?
    4. Given the accelerating demand from data centers and power generation, what specific challenges do you foresee in securing high-return transmission projects beyond the end of this decade, and how might competition from other pipeline expansions affect your growth prospects?
    5. In the context of increasing demand for pipeline capacity, are there opportunities to renegotiate existing contracts at higher rates, and how might regulatory constraints limit your ability to capitalize on the tightening capacity market?
    Program DetailsProgram 1
    Approval DateSeptember 2021
    End Date/DurationNo expiration date
    Total additional amount$1.5 billion
    Remaining authorization amount$1,360,938,325
    DetailsThe program allows repurchases in the open market, by block purchases, or in privately negotiated transactions. It can be suspended or discontinued at any time.
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    20242,284Long-term due within one yearN/A8.4% = (2,284 / 27,109) * 100
    20291,100Senior Unsecured4.9004.1% = (1,100 / 27,109) * 100
    2029450Senior Unsecured4.8001.7% = (450 / 27,109) * 100
    20341,000Senior Unsecured5.1503.7% = (1,000 / 27,109) * 100
    2034300Senior Unsecured5.1501.1% = (300 / 27,109) * 100
    2054750Senior Unsecured5.8002.8% = (750 / 27,109) * 100
    CustomerRelationshipSegmentDetails

    Dominion Energy, Inc.

    Long-term natural gas transportation contract

    Transco

    In 2024: ~7% of Transco’s operating revenue ($217 million) ; 2023: $287 million ; 2022: $293 million.

    Puget Sound Energy, Inc.

    Long-term natural gas transportation contract

    NWP

    In 2024: ~31% of NWP’s operating revenue ($136 million) ; 2023: $126 million ; 2022: $131 million.

    Cascade Natural Gas Corporation

    Long-term natural gas transportation contract

    NWP

    In 2024: ~10% of NWP’s operating revenue ($46 million) ; 2023: $46 million ; 2022: $47 million.

    Northwest Natural Gas Company

    Long-term natural gas transportation contract

    NWP

    In 2024: ~11% of NWP’s operating revenue ($47 million) ; 2023: $47 million ; 2022: $49 million.

    NameStart DateEnd DateReason for Change
    Ernst & Young LLPFiscal year 2014 PresentCurrent auditor.
    PricewaterhouseCoopers LLP (PwC)N/ASeptember 30, 2014 No disagreements; change made by Audit Committee of a significant subsidiary.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Gulf Coast Storage Acquisition

    2024

    Completed on January 3, 2024, this deal for $1.95 billion (with an additional $100 million deferred consideration) acquired 100% of a portfolio of natural gas storage facilities and pipelines in Louisiana and Mississippi (230 miles of pipelines and six underground storage facilities with 115 Bcf capacity), aimed at expanding the natural gas storage footprint and enhancing LNG export access.

    Discovery Acquisition

    2024

    Completed on August 1, 2024, the deal involved purchasing the remaining 40% interest in Discovery for $170 million in cash (subject to working capital and post-closing adjustments), thereby expanding the company’s gathering, processing, and transportation presence in the Gulf of Mexico and resulting in a $127 million gain from the remeasurement of its prior equity-method investment.

    Cureton Front Range, LLC Acquisition

    2023

    Anticipated to close in Q4 2023 for $560 million (subject to post-closing adjustments), this acquisition in the DJ Basin provided gas gathering pipelines and two processing plants over 225,000 acres, strategically positioning the company as the third-largest gatherer in the basin and expanding its processing footprint.

    MountainWest Pipeline Holding Company Acquisition

    2023

    Completed on February 14, 2023, this acquisition was executed for $1.08 billion in cash (with the assumption of $430 million in debt) and brought in approximately 2,000 miles of interstate pipelines and 56 Bcf of natural gas storage capacity, thereby strengthening the company's transmission and storage presence in key Rocky Mountain markets.

    Trace Midstream (Gemini Arklatex, LLC) Acquisition

    2022

    Completed on April 29, 2022, the deal for approximately $972 million (subject to post-closing adjustments) expanded the company’s footprint into the East Texas region and the Haynesville Shale, advancing its clean energy strategy with acquired operations contributing $99 million in revenues.

    NorTex Midstream Holdings, LLC Acquisition

    2022

    Finalized on August 31, 2022, this acquisition for approximately $424 million added natural gas storage facilities and pipelines in north Texas, increasing working gas storage by 75 Bcf (to a total of 110 Bcf when combined with other assets) and reinforcing the company’s wellhead-to-water strategy in the Gulf Coast region.

    Recent press releases and 8-K filings for WMB.

    Williams Companies Announces COO Retirement
    WMB
    Management Change
    • Micheal Dunn, the Executive Vice President and Chief Operating Officer, will retire effective May 2, 2025, marking a significant management change at Williams Companies.
    • Dunn is recognized for his leadership in transforming operations and delivering key infrastructure projects, including Atlantic Sunrise and multiple pipeline expansion projects.
    • The company is actively working to identify a suitable successor, ensuring continuity in its operational strategy.
    Mar 13, 2025, 12:00 AM